Trade and illicit payments

Trade and illicit payments

 

 

Trade and illicit payments

 

Meaning of Trade and illicit payments

Trade and illicit payments: one of the new trade issues. It is concerned with bribery, corruption and lack of transparency in government procurement. The main proponent of negotiations on this issue has been the United States. The aim of such negotiations would be to promote measures to discourage illicit payments in line with its own legislation which makes such payments an offence under the Foreign Corrupt Practices Act. The entry into force on 15 February 1999 of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, negotiated in the OECD, has greatly reduced calls for similar action in the WTO. The Convention makes it a crime to offer, promise or give a bribe to a foreign public official in the course of international business deals. See also and Draft International Agreement on Illicit Payments.

 

Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf

Web site to visit: http://ctrc.sice.oas.org

Author of the text: W. Goode

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Trade and illicit payments

 

Trade and illicit payments

 

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Trade and illicit payments

 

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Trade and illicit payments